Barclays has entered a Proof-of-Concept (PoC) trial with bitcoin exchange Safello, in an attempt to see if blockchain technology can improve its performance financial services sector.
In an interview with CoinDesk, Safello CEO Frank Schuil said that the latest news is a
huge step for the cryptocurrency, and that the partnership could open the door for more financial institutions in the UK to use bitcoin – according to PaymentEye.
‘‘If a Tier 1 bank signing a proof-of-concept with a bitcoin company isn’t a sign of the times then I don’t know what is … their attitude is changing and it is changing fast,’’ said Safello during the Barclays Accelerator demo session in East London.
This is good news for the UK cryptocurrency scene, as last month the controversial Communications Data Bill was met with negativity by many bitcoin firms. Eris Industries, an industrial cryptography firm that uses blockchain technology, has threatened to leave the United Kingdom in protest against the re-introduction of the bill.
‘‘Our target group are the millennials that banks find hard to reach, and we are doing it with a technology that they need to understand. In that way and in other ways we are building a bridge between the traditional financial world and bitcoin,’’ continued Safello.
Barclays are pressing forward with plans to increase its digital presence, claims Derek White, chief design and digital officer at the bank.
‘‘At Barclays, we’re embracing the digital revolution, exploring innovations early on so that we can help to shape their development and co-create the future of financial services with these startups.’’